The incident occurred Tuesday night in the 1600 block of North Lake Shore Drive.
The wanted individual is seen on surveillance video running from police and ditching a fanny pack, which contained a handgun with an extended magazine.
About 9:45 p.m., police officers heard screaming from two women fighting.
"Moments later — after officers heard the screams and saw the fight between two women — officers see a muzzle flash from nearby, hear shots being fired and a 19-year-old male sustained multiple gunshot wounds from that shooting," Chicago Police Supt. David Brown said.
The man was taken to Advocate Illinois Masonic Medical Center in critical condition, Brown said.
Officers chased two men who ran from the scene and were able to apprehend one of them. The second man is still at large.
Individual wanted by Chicago police in connection to shooting at North Avenue Beach | Chicago Police Department
Sun-Times Media Wire contributed to this report.